Borrowers can choose from a five-year fixed or tracker deal and on completion of the mortgage they will take delivery of a state of the art Sony WEGA 42-inch plasma TV complete with stand, which has a recommended retail price of £3,299.99.
The Plasma Flexible Base Rate Tracker offers a initial rate of 4.99 per cent, while the Plasma Flexible Five Year Fixed Rate is guaranteed at 5.49 per cent.
Kevin Paterson, director of Park Row Group, said: “This a complete gimmick and a sign of our times. The customer will end up paying for it over twenty five years anyway.
“They may as well go down to Currys and get it on interest-free credit.”
Steve Wander, partner at Best Advice Financial Planning, said: “I'm in absolute shock. I don't think is good at all.
“Five-year fixes are hardly ever recommended to clients anymore, so you could be upsetting the sales process all for the sake of a plasma TV."
Commenting on the new Plasma Mortgages John Carrier, Scarborough’s chief executive, said: “For the majority of people, a mortgage is a relatively boring yet important necessity.
“Our Plasma Mortgage represents great value on its own but also provides the customer with a quality product that should give them and their family many years of enjoyment.
“It is all part of our strategy of aiming to be different by retailing financial products and services that are more interesting and rewarding for people.”
